Update VAT records by February 25, Facebook tells Nigerian advertisers
The parent company of Facebook, Meta, has asked that Nigerian advertisers to update their Value-Added Tax identification numbers by February 25.
The social media giant said its Nigerian customers risk not having their adverts displayed on the platform if they fail to comply.
This is after the Federal Government announced plans to tax foreign-based social media platforms earning money from Nigerian advertisers.
Facebook’s parent company, Meta, in an apparent move to comply with the government regulation also requested its Nigerian customers to carry out basic requirements to help its compliance.
In a statement on Thursday, Facebook said recent updates have been made to allow Nigerian customers provide 11 or 12 digit VAT identification to pay the 7.5 percent charge.